President Donald Trump signed a new coronavirus relief and funding bill Sunday, meaning that millions of Americans will receive a second round of direct payments.
Right now, the bill grants up to $600 for eligible adults. Individuals who earn up to $75,000 in adjusted gross income on their 2019 tax returns will receive the maximum amount; for every $100 a person earns over that cap, payment will be reduced by $5. For example, someone earning $76,000 would receive $550. An individual making over $87,000 will not receive a stimulus payment.
Married couples filing jointly who have an adjusted gross income of $150,000 or less would be eligible for the full payment. A married couple filing jointly and earning $174,000 or more would not be eligible.
A person who is head of their household has a larger income cap: A head of household making $112,500 in adjusted gross income is eligible for the full $600 payment.
Families will also be allotted money for dependents under the age of 17. While the previous relief package only gave $500 per dependent child, the new package offers $600, meaning that a family of four could receive up to $2,400.
When will people get stimulus checks?
Earlier in December, Treasury Secretary Steven Mnuchin told CNBC that some Americans might see direct payments deposited into their bank accounts before the new year, but Trump's last-minute delay might have altered that timeline.
Like with the first round of relief checks, people who signed up to receive their 2018 or 2019 tax refunds by direct deposit will see their funds directly deposited into their bank accounts. Those who have not registered for that option will receive a check or prepaid debit card in the mail. Paper checks or prepaid debit cards might take more time since the Treasury can only deliver 5 million to 7 million checks per week, according to CNBC.
Are larger stimulus checks on the way?
The package was delayed due to Trump's request for $2,000 stimulus checks as opposed to the $600 currently being granted.
The House is set to vote on a measure to increase the payments to $2,000 on Monday after an attempted unanimous vote on Christmas Eve failed. CNBC predicted that the measure would not pass the Senate.
So far, there has not been any information on a possible third round of stimulus checks.
What other provisions does the relief package include?
The relief package also includes money to continue to fund the government, since current funds were set to expire on Tuesday morning, which would have led to a government shutdown. It also extends jobless benefits through March, continuing a $300 weekly supplement to unemployed Americans.
The moratorium on renter evictions has also been extended through Jan. 31, and $25 billion will be distributed to state and local governments to help renters.
There are also provisions related to food stamps: The monthly benefit will increase by 15% through June 2021, and college students and those collecting unemployment benefits will have an easier time qualifying for the program, according to the New York Times.
The package does not include any changes to federal student loan payments. The Coronavirus Aid, Relief and Economic Security Act initially paused payments until December, and the Education Department extended that pause through Jan. 31.